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March 05, 2008  Funding schemes play vital role in progress of emerging businesses. Around 400 businesses across the West Midlands region are benefiting to the tune of around £65 million a year from a range of public and private sector funds, a leading finance conference was told. Delegates at the Financing Growth Annual Conference, held at Aston Science Park, Birmingham, and backed by Advantage West Midlands and Business Link, were told how a range of finance initiatives were playing a crucial role in the development of businesses. One of the keynote speakers, Norman Price OBE, chair of the West Midlands Enterprise Board and Regional Finance Forum, told the 84-strong gathering: “Cash is the fuel of business and is mainly provided by the private sector, including banks, business angels and venture capital funds. In addition, accountants can help businesses plan their financing needs and point them to sources of finance. “But despite the strengths of the private sector, many deserving businesses fail to raise finance because they may not know what is available or lack the experience or opportunity to convince the financier; in addition, the private sector may not provide the type of finance they require.” Dr Price, a former deputy chairman of Advantage West Midlands, added: “This is why I am pleased to be able to come to tell you about how Advantage West Midlands, working with Business Link and the private sector can step in to help and how in the West Midlands, around 400 businesses are benefiting to the tune of around £65 million a year from a range of funds and initiatives that we have helped to put in place over the past few years and our priorities for the future.” Event organiser and Director of Finance at Aston Science Park, Philip Lines, said: “Finance is a particularly crucial issue to businesses and that is why we were delighted to have a packed out audience with an excellent panel of speakers.” Funds backed by Advantage West Midlands – including those of other speakers - have to date invested around £37 million in nearly 200 businesses, leveraging a similar amount of additional finance, delegates heard at the showpiece event. The regional development agency’s Access To Finance Initiative ranges from the £8 million Advantage Early Growth Fund (AEGF), launched five years ago to address funding gaps for early stage businesses, to the Selective Finance For Investment in England (SFIE) – a form of financial assistance available to businesses located in Assisted Areas in the UK for investment in capital expenditure, with funding available up to £2 million. Other speakers at the Financing Growth Annual Conference included Steve Walker, Chief Executive of Aston Reinvestment Trust, Patricia Geraghty, Director of Central England Business Angels, David Edmonds, Managing Director of Advantage Creative Fund, Kevin Caley, Managing Director of The Advantage Early Growth Fund and Martin Levermore, CEO, Medical Devices Technology International Ltd.
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